Swiss watch exports fell by 2.8% in 2024, with total shipments amounting to CHF 25.99 billion, primarily due to weaker demand in China and Hong Kong.
According to the Federation of the Swiss Watch Industry, the downturn worsened in December, when exports dropped by 5% year-on-year to CHF 2.03 billion
The four largest markets for Swiss watches—the United States, Hong Kong, China, and Japan— all recorded lower demand in December. Exports to China saw the sharpest decline, falling 19% to CHF 151.2 million, while shipments to Hong Kong dropped 6% to CHF 159.1 million. The US, the top export destination, saw a 1% decline to CHF 345.7 million, the first drop in six months. Japan experienced a 13% decrease to CHF 137.8 million, partly due to strong results in the previous year.
“All four of the top export destinations declined in December,” the federation stated. “The US recorded a slight downturn for the first time in six months. Hong Kong moved up into second place, with a less marked decline than in the previous months, while China continued to perform very poorly. Japen saw a very significant reduction, impacted by a marked base effect. Among the top 15 markets, only the United Arab Emirates, United Kingdom, Spain and Australia achieved positive results.”
Decline Across All Price Segments
Swiss watch exports fell across all price categories in December. Timepieces valued above CHF 3,000 declined by 5%, while those priced between CHF 500 and CHF 3,000 dropped by 1.8%. Watches in the CHF 200 to CHF 500 range recorded the steepest decline at 13%, while those below CHF 200 fell by 5%.
By material, precious metal watches, which account for the highest value segment, declined 3.4% to CHF 796.3 million. Steel watches, the second-largest category, saw a 5.9% drop in value to CHF 635.4 million, despite a small increase in volume. Gold-and-steel watches saw a 10.3% decline in value and a 16% drop in unit sales.
Market Performance and Industry Outlook
For the full year, the number of wristwatches exported fell 9.4% to 15.3 million units. The US remained the top export market, with shipments increasing by 5% to CHF 4.37 billion. Exports to China dropped 26% to CHF 2.05 billion, while sales to Hong Kong declined 19% to CHF 1.91 billion. Japan saw an 8% increase year-on-year.
Looking ahead, the Federation of the Swiss Watch Industry stated: “There is currently nothing to suggest a turnaround in 2025, although the decline should be less marked.” Any recovery will depend largely on China, where “uncertainty remains high.”
Luxury groups reported mixed results for their watch divisions. Richemont stated that sales in its specialist watchmaking division grew across most regions, except for Asia-Pacific. LVMH reported a 3% increase in sales for its watches and jewellery division in the last quarter of 2024 but a 3% decline for the year overall.
Implications for the Jewellery and Watch Industry
The decline in Swiss watch exports reflects broader economic challenges affecting luxury goods, particularly in China, where spending on high-end items has weakened. The US market remained more stable, though it recorded a slight dip in December. For jewellers, these trends highlight the importance of monitoring global demand shifts and adjusting strategies based on regional performance.
